April 20, 2024

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[THE INVESTOR] Korean stocks reached a five-week high on March 12 as eased geopolitical tensions and optimistic US economic data boosted investor sentiment, analysts said. The Korean won rose sharply to hit a six-week high against the US dollar.

The benchmark KOSPI rose 24.67 points, or 1 percent, to close at 2,484.12. Trade volume was moderate at 384.4 million shares worth 6.46 trillion won (US$6.06 billion), with winners far outnumbering losers 654 to 176.

The index marked its highest point since it finished at 2,491.75 on Feb. 5.

Analysts said rising hopes for possible talks between US President Donald Trump and North Korean leader Kim Jong-un spurred a “relief rally” in the global market over the weekend. US payrolls also jumped sharply in February.

“Foreigners and institutions led the uptick, scooping up a net 197.7 billion won and 96.8 billion won worth of local stocks, respectively, while individuals offloaded 291.7 billion won.

LG Electronics, the second-largest home appliances maker, rose 0.46 percent to end at 109,500 won and SK hynix, a major chipmaker, was up 1.92 percent to 84,900 won.

Samsung Electronics, the top cap, stayed flat at 2,487,000 won.

Bank shares ended on a bullish note, with Hana Financial Group up, a leading banking group, jumping 4.78 percent to 49,350 won and Shinhan Financial Group advancing 1.66 percent to 46,000 won.

Other key shares also remained in positive terrain, with Korea Electric Power Corp., the sole electric power provider, gaining 1.85 percent to 33,100 won and top steelmaker POSCO adding 2.32 percent to 353,000 won.

The local currency rose 4.60 won to close at a 1,065.20 won against the US dollar, its highest since the won-dollar rate was 1,063.90 won on Jan. 26.

By Song Seung-hyun (ssh@heraldcorp.com)